Examlex
Free will is the hallmark of classical theory.
Utility Function
An economic model that measures preferences over a set of goods and services.
Budget Constraint
An economic model that represents all the combinations of goods and services a consumer can purchase given their income and the prices of those goods and services.
Bundle
A collection of goods or services that are sold together.
Marginal Rate of Substitution
The rate at which a consumer is willing to give up some amount of one good in exchange for another good while keeping the same level of utility.
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